Dollar Holds Weekly High as Traders Await Fed Chair's Jackson Hole Speech

ERBIL, Iraq — The U.S. dollar held near a one-week high against major currencies on Friday as investors awaited a speech by Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium, which could offer fresh signals on U.S. monetary policy. The euro and sterling hovered near their lowest levels of the week against the dollar, trading at $1.1652 and $1.3597 respectively, with both currencies on track for a second monthly gain in August. The dollar index was up 0.3% for the week after Treasury Secretary Scott Bessent said the government would increase buybacks of long-term bonds, though it remains headed for a 0.7% decline in August and a second straight monthly loss. Traders are looking to Warsh's remarks for guidance on the Fed's strategy for fighting inflation. In other markets, Bitcoin rose 0.5% to $80,620.33, putting the cryptocurrency on course for its strongest monthly performance since the end of 2024, with gains of roughly 30% in August. The Australian dollar climbed to a three-month high of $0.72 on expectations of an interest-rate hike, while the New Zealand dollar rose 0.2% to $0.5960.